President of Pakistan Businessmen and Intellectuals Forum (PBIF) and All Karachi Industrial Alliance (AKIA), Mian Zahid Hussain, has emphasized that the South Asian Free Trade Agreement (SAFTA) needs to be reviewed and simplified for the growth of regional trade specifically between Saarc countries, thus increasing the regional trade by 250 percent. "Inter-Saarc trade is just 5 percent while Saarc share in global trade is less than 2 percent. Population of South Asia is greater than the combined population of US, Euro-11 and Japan while its GDP is only $1924 billion," he said, comparing that the GDP of Japan was $3000 billion, US's $8000 billion and $5942 billion of the Euro-11.

Mian Zahid said that the average unemployment in SAARC region is 18 percent while inflation is 7 percent.

He said that despite huge potential in the region, its current trade stands at $30 billion which can easily be enhanced to $100 billion to curb poverty and unemployment and change the fate of the Saarc countries.

PBIF president noted that Euro-11 share in global exports is 20 percent and 23 percent in global imports. He said the Euro-11 had the headquarters of 100 MNCs of the leading top 500. He said that similarly, US is responsible for 16 percent of global exports, 15 percent of global imports and hosts headquarters of 151 leading MNCs while Japan is responsible for 10 percent in global exports, 8 percent in global imports and has headquarters of 104 MNCs. In comparison, he said, South Asia has only 1 percent share in global trade and has headquarters of only 5 MNCs.

Mian Zahid said that Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Sri Lanka and Pakistan need to strengthen their trade ties and terms, which is vital.

"To achieve the better trade between the countries, it is important to improve road transportation, railways, storage facilities on borders and increase in certification bodies," he suggested. He further said that joint institutions for effective communications and trade connections are required; Saarc Development Bank for meeting the financial needs of joint institutions and to curb hurdles faced in trade growth.

Veteran business leader said that many hindrances in the way of trade enhancement between the Saarc countries include Kashmir dispute in addition to political and historical indifferences, which need to be addressed and resolved. He said current president of Saarc chamber of commerce and industry Ruwan Edirisinghe who assumed office in March 2018 should take measures for the full functionality of the chamber.

"Next president will be from Pakistan who will assume charge from March 2020," he said, adding that S M Inam and Tariq Saeed have served as Saarc CCI presidents in 1993 to 1995 and 2008 to 2010, respectively and have worked for the betterment of regional trade while Iftikhar Ali Malik serves as senior vice Copyright Business Recorder, 2019

president of Saarc CCI from Pakistan at present.